Income

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Querist : Anonymous

Querist : Anonymous (Querist)

01 November 2014 Sir,
Kindly tell me the difference between business and professional income.

your
benjamin

Nikhil Kaushik

Nikhil Kaushik (Expert)
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02 November 2014 as such there is no difference as far as taxation is concerned.

however, there are three points of difference: section 44AA, 44AB and 194J.

For these three sections distinction is to be made between business and profession:

business primarily concern with sale and purchase of goods whereas profession is occupation requiring use of intellectual skills.